Category

Enforcement

12 January 2022

SEC Encourages Self-Reporting of Recordkeeping Violations Resulting From Employees’ Use of Personal Devices for Business Communications

On December 17, 2021, the U.S. Securities and Exchange Commission (SEC) announced settled charges against a broker-dealer firm for recordkeeping violations arising from its employees’ use of personal devices for business communications. The firm agreed to pay a $125 million penalty and to retain a compliance consultant to conduct a … Read More

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28 December 2021

FTC Announces it May Pursue Rulemaking to Combat Discrimination in AI

On December 10, the Federal Trade Commission (FTC) announced it is considering a rulemaking on commercial Artificial Intelligence (AI). The purpose of the rulemaking, according to an advanced notice of proposed rulemaking (ANPRM) titled “Trade Regulation in Commercial Surveillance,” would be “to curb lax security practices, limit privacy … Read More

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22 November 2021

U.S. Federal Bank Regulators Require Notifications For Material Cybersecurity Incidents

On November 18, 2021, a group of federal bank regulators announced a final rule requiring banks to notify their primary federal regulator of any “significant computer-security incidents.” Regulators must be notified no later than 36 hours after the bank has determined that the incident triggers the rule’s notification requirement. Further, … Read More

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12 November 2021

SEC Identifies Deficiencies From its Electronic Investment Advice Initiative

On November 9, 2021, the U.S. Securities and Exchange Commission (SEC) Division of Examinations (EXAMS) released a risk alert (Risk Alert) concerning deficiencies it observed in its examinations of advisers providing electronic advisory services, including advisers known as “robo-advisers.”1 Those deficiencies were in the areas of the robo-advisers’ compliance … Read More

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19 October 2021

FTC Issues Civil Penalty Notice to 700 Companies Regarding Endorsements and Reviews

The U.S. Federal Trade Commission (FTC) on October 13 published a Notice of Penalty Offenses advising more than 700 companies that they could incur significant civil penalties if they use endorsements in ways that run counter to the FTC’s guidance. The FTC, in its own words, “blanket[ed] industry” with these … Read More

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04 October 2021

Changes to FTC Rulemaking Procedures Herald More Aggressive Action on Consumer Privacy

On July 22, 2021, the Federal Trade Commission finalized important changes to its procedures for rulemaking under Section 18 of the FTC Act. Section 18 authorizes the Commission to make regulations, termed “Trade Regulation Rules,” (or “Magnuson-Moss Rules” after their authorizing statute), which “define with specificity” conduct that violates the … Read More

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01 October 2021

Rohit Chopra Confirmed as CFPB Director; Historically Active Enforcement and Regulatory Regime Begins

On September 30, the U.S. Senate confirmed Commissioner Rohit Chopra of the Federal Trade Commission as the new Director of the Consumer Financial Protection Bureau (CFPB). Director Chopra is expected to usher in a regime of dramatically increased enforcement and creative, expansive regulation. Many financial institutions will have questions and … Read More

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30 September 2021

SEC Fines Alternative Data Provider for Securities Fraud

On September 14, 2021, the U.S. Securities and Exchange Commission (SEC) settled an enforcement action against App Annie Inc., an alternative data provider for the mobile app industry, and its former CEO Bertrand Schmitt. The SEC charged App Annie and Schmitt with securities fraud, under Section 10(b) of the Securities … Read More

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